The euro marks its 26th year amid economic challenges, with fluctuating value and new digital currency developments shaping its future across Europe and the global market.
The euro, now in its 26th year, faces challenging economic conditions in the eurozone.
Introduced in 1999 as a dematerialized currency for accounting and electronic payments, it became physical currency in 2002, used daily by 350 million people in 20 EU member states. The European Central Bank (ECB) oversees the monetary policy, aiming to control inflation below 2% by adjusting interest rates.
The euro, the world's second most significant currency after the US dollar, circulates in seven banknote denominations and various coins. The €500 note was discontinued in 2019 due to concerns over money laundering and terrorism.
While all EU countries, except Denmark, are required to adopt the euro if eligible, Croatia joined the eurozone in 2023, and Bulgaria is expected to follow.
The euro's value has fluctuated since its launch. After a drop to $0.83 in 2000, it reached $1.60 in 2008, but geopolitical tensions and global crises led to a 16% depreciation against the dollar in 2022.
Despite recovery in 2023, the euro faced pressure from various factors, including Donald Trump’s election win, and ended 2024 at $1.04, near the $1 parity last seen in the early 2000s.
Globally, the euro’s role has diminished, accounting for 19.76% of global reserves in 2024, down from 25% in 2003. Its share in global payments also declined to 22.9% by October 2024.
In response to changing financial landscapes, the ECB is developing a digital euro, expected to complement traditional currency and be available for public use. With a regulatory framework being established, a draft rulebook is anticipated in early 2025, offering a reliable and stable digital payment option across Europe.
Kyrgyzstan’s Prime Minister Adylbek Kasymaliev and EU Special Representative for Central Asia Eduards Stiprais discussed expanding energy projects and deepening bilateral and regional cooperation in the region.
Uzbekistan will host the next EU–Central Asia Economic and Investors’ Forums in November, EU Ambassador Toivo Klaar announced during Europe Day celebrations, highlighting growing ties and President Mirziyoyev’s planned visit to Brussels to sign a landmark agreement.
Sweden announced Tuesday it will propose that the European Union to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), aiming to create the world’s largest free trade area.
The European Commission is exploring alternative legal mechanisms to maintain pressure on Moscow if Hungary blocks the renewal of EU economic sanctions due to expire in July.
Azerbaijan and the European Union have deepened discussions on the development of the Caspian-Black Sea-Europe green energy corridor, a strategic project set to enhance energy connectivity and diversify supply routes between Central Asia and Europe.
Syria has entered into an $800 million memorandum of understanding (MoU) with Dubai World to develop, manage, and operate a multi-purpose terminal at the port of Tartous, marking a significant shift in the nation's maritime infrastructure strategy.
Sixteen nations took the stage on Thursday, but only ten earned passage to the Grand Final on May 17 alongside the Big Five and host Switzerland. Those advancing are Lithuania, Israel, Armenia, Denmark, Austria, Luxembourg, Finland, Latvia, Malta and Greece
Intruders forced Haiti’s Peligre Dam offline, slicing its 54 MW output and plunging central regions into blackout. EDH condemns the breach and urges rapid security measures as communities, already hit by gang blockades, contend with total power loss.
The United States is preparing to ease sanctions on Syria in the coming weeks, following President Donald Trump's unexpected announcement to lift all restrictions targeting Damascus.
President Donald Trump on Thursday announced deals totaling over $200 billion between the United States and the United Arab Emirates, including a $14.5 billion commitment between Boeing BA.N, GE Aerospace GE.N and Etihad Airways, the White House said.
Israeli Prime Minister Benjamin Netanyahu said the war in Gaza will not stop until Hamas is destroyed, following the release of US-Israeli soldier Edan Alexander.
Ukrainian President Volodymyr Zelenskyy met Turkish President Recep Tayyip Erdogan in Ankara on May 15, with discussions reportedly focusing on upcoming peace talks between Ukrainian and Russian delegates in Istanbul.
Qatar signed a landmark agreement with U.S. aerospace giant Boeing on Wednesday to acquire 160 aircraft for Qatar Airways, a deal valued at $200 billion. The signing took place in Doha during the visit of U.S. President Donald Trump.
EU approves 17th Russia sanctions, blacklisting almost 200 shadow‑fleet ships, 30 evasion firms and 75 defence figures, banning missile chemicals and arming Brussels to strike Kremlin hybrid and operations.
Japan is preparing for a new round of trade discussions with the U.S. as both sides try to resolve differences before higher tariffs on Japanese automobile exports take effect in July.
President Serdar Berdimuhamedov has authorized state corporations Turkmengaz and Turkmenneft to enter into agreements with PETRONAS Carigali Sdn. Bhd. (Malaysia) and ADNOC Turkmenistan RSC Limited (UAE), marking a significant step in enhancing country's energy sector
Adidas shareholders have reelected Chairman Thomas Rabe for another term, despite concerns from key investors over his multiple commitments and calls for leadership change.
Microsoft has announced 6,000 job cuts, representing nearly 3% of its workforce, as part of a strategy to streamline operations and prioritize investments in artificial intelligence.
Burberry, the iconic British luxury brand, has announced global job cuts and revealed a better-than-expected profit as part of its turnaround strategy under CEO Joshua Schulman.
Syria has entered into an $800 million memorandum of understanding (MoU) with Dubai World to develop, manage, and operate a multi-purpose terminal at the port of Tartous, marking a significant shift in the nation's maritime infrastructure strategy.
Sixteen nations took the stage on Thursday, but only ten earned passage to the Grand Final on May 17 alongside the Big Five and host Switzerland. Those advancing are Lithuania, Israel, Armenia, Denmark, Austria, Luxembourg, Finland, Latvia, Malta and Greece
Intruders forced Haiti’s Peligre Dam offline, slicing its 54 MW output and plunging central regions into blackout. EDH condemns the breach and urges rapid security measures as communities, already hit by gang blockades, contend with total power loss.
The United States is preparing to ease sanctions on Syria in the coming weeks, following President Donald Trump's unexpected announcement to lift all restrictions targeting Damascus.
President Donald Trump on Thursday announced deals totaling over $200 billion between the United States and the United Arab Emirates, including a $14.5 billion commitment between Boeing BA.N, GE Aerospace GE.N and Etihad Airways, the White House said.
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